Vice-President Kashim Shettima said Nigeria spends $25 billion every year on buying petroleum products from other countries.

He said this while speaking at an event in Victoria Island, Lagos on Thursday, May 23.

According to Vice-President Kashim Shettima

“With the government’s support for private sector-led oil refineries and the revitalization of some state-owned facilities, the $25 billion spent annually on importing petroleum and other refined products will soon be eliminated, which will help stabilize the naira.”

Shettima also said that,

“The government is willing to reconsider and adjust policies if they cause excessive hardship to Nigerians, as has been observed in the past.”

He emphasized that,

“The administration’s goal is not to make life harder for Nigerians, but to ensure the economy is sustainable and improve people’s lives. Rest assured, ladies and gentlemen, that the next few years will be full of positive developments, such as better living standards, increased productivity, food security, abundant harvests, and significant progress with the help of Almighty God.”